A production method for water-atomized metal powder includes: in a region in which the average temperature of a molten metal stream having an Fe concentration of 76.0 at % or more and less than 82.9 at % is 100° C. or more higher than the melting point, spraying primary cooling water at a convergence angle of 10° to 25°, where the convergence angle is an angle between an impact direction on the molten metal stream from one direction and an impact direction on the molten metal stream from any other direction; and in a region in which 0.0004 seconds or more have passed after an impact of the primary cooling water and the average temperature of metal powder is the melting point or higher and (the melting point+100° C.) or lower, spraying secondary cooling water on the metal powder under conditions of an impact pressure of 10 MPa or more.